Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.

Oakes & Fosher is currently investigating former securities broker Robert Tricarico. According to his publicly available FINRA BrokerCheck report, Robert Tricarico was recently sentenced to prison.

Robert Tricarico worked most recently as a Connecticut based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with five different securities firms.

His Registrations

  • First Associated Financial Group (1986-1987)
  • Merrill Lynch (1992-2003)
  • Citigroup Global Markets (2003-2009)
  • Wells Fargo Advisors (2009-2011)
  • LPL Financial (2011-2015)

The Allegations

Robert Tricarico pled guilty to one count of wire fraud in October 2016. By his own admission, Tricarico spent years misappropriating funds from one of his elderly customers. This customer in question spent these years requiring extensive medical attention and relied heavily on Tricarico to handle her financial affairs–this included paying her bills. Between January 2010 and December 2012, Robert Tricarico wrote, or had written, numerous checks from this customers’ bank accounts to himself or one of his family members. These checks came out to total $1,152,850. This money was not only withdrawn from the customer’s liquid assets, but also came from a reverse mortgage on the customer’s home that Tricarico obtained for her. Robert Tricarico converted these funds for his own personal benefit as opposed to investing them as he had promised to do so. Following his guilty plea, he was ordered to pay $1,220,763 in restitution, and was sentenced to prison for a period of forty-one months that would be followed with three year period of supervised release.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Tricarico, please contact Oakes & Fosher for a free and private consultation.